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JUNK BOND: A bond, usually a corporate bond, that has a higher than average risk of default, but which pays a higher than average interest rate to compensate. Junk bonds were a popular method of investment during the 1970s and 1980s, especially to finance corporate mergers. Junk bounds held by savings and loan associations that defaulted were a major source of problems during the 1980s.

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LONG-RUN MARGINAL COST

The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is an increment of the corresponding total. It is the change in long-run total cost divided by, or resulting from, a change in quantity. Long-run marginal cost is guided by returns to scale rather than marginal returns.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for jovial bank tellers.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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Association of International Bond Dealers (now called International Securities Market Association)
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